The UAE will introduce a new way of setting Emirates Interbank Offered Rates (EIBOR) on April 15, in a bid to make the system more accurate and transparent. The new system will shrink the panel of banks whose quotes are used to calculate the rates to eight banks from 10. EIBOR rates, used in many UAE financial transactions, are calculated daily for maturities ranging from overnight to one year. Under the present system, the two highest and two lowest rates quoted by banks are discarded and the rest are averaged. The central bank has been examining ways to make the system operate more closely in line with market conditions and more transparently. The changes were originally expected to be introduced in January but the announcement was delayed. The banks in the new panel will be: First Abu Dhabi Bank, Emirates NBD, Mashreq bank, Abu Dhabi Commercial Bank, Commercial Bank of Dubai, Union National Bank, HSBC Middle East and Standard Chartered. The new system will set overnight, one-week, one-month, three-month, six-month and one-year rates.